Deutsche EuroShop: Strong first quarter, guidance raised by 4%

The shopping center investor
Deutsche EuroShop has published its interim report for the first quarter of
2012 and increased its EBT
and FFO guidance for the full year.

In the first three months revenue was 51.9 million,
17% higher than in the first quarter of 2011. Net operating income climbed 16%
to 46.6 million, while EBIT was up 19% to 45.9 million.

The strong increases were driven mainly by the three
major center expansions completed last year at the Altmarkt-Galerie in Dresden,
the A10 Center and the Main-Taunus-Zentrum. Another key driver was the addition
of the Allee-Center Magdeburg to the portfolio.

Consolidated profit grew by 24% to 16.5 million.
Earnings per share consequently rose from 0.26 to 0.32. EPRA earnings per
share, i.e. earnings adjusted for measurement gains/losses, went up from 0.27 to 0.34 per share, an increase of 26%.
FFO (funds from operations) improved by 25% from 0.36 to 0.45 per share.

Deutsche EuroShop has increased its
guidance for financial year 2012 and now expects

revenue of between 207 million and 211
million

earnings before interest and taxes (EBIT)
of between 177 million and 181 million

earnings before tax (EBT) excluding
measurement gains/losses of between 94 million and 97 million (previously:
between 90 and 93 million)

FFO per share between 1.70 and 1.74
(previously: between 1.64 and 1.68)

"Our debt finance terms are much more favourable than we
had expected a few months ago," says
Claus-Matthias Bφge, Chief Executive Officer of Deutsche EuroShop, explaining
the increase in EBT and FFO
guidance.

The company expects to pay a dividend of 1.10 per
share once again in 2012.

Deutsche
EuroShop  The Shopping Center Company

Deutsche EuroShop is Germanys only public company, that
invests solely in shopping centers in prime locations. The MDAX-listed Company currently
has equity interests in 19 European shopping centers in Germany, Austria, Hungary
and Poland. The portfolio includes the Main-Taunus-Zentrum near Frankfurt, the
Altmarkt-Galerie in Dresden and the Galeria Baltycka in Gdansk, among many
others.